“The tax reform aims to switch the burden from wealth creation to consumption, a trick used by Germany to carry out its "internal devaluation" within EMU. The policy was pioneered by Margaret Thatcher, a detail that France’s socialists prefer to keep quiet.”

“But there is another signal. There is not the will to indulge further
British demands. The message has been passed to London that Berlin
will not tolerate the UK obstructing moves to closer integration.”

As the EUSSR continues to go from strength to strength.

“So the country [Greece] that has seen its economy shrink by 23%
remains on life support.”

“But, by way of illustration, what this means is that every Mercedes that Germany exports is effectively offered to customers with a “20 Percent Off“ sign plastered on the front window -- and here's the killer -- at zero cost to the manufacturer.”

Of course, this requires special attention to a couple of lines in the linked article:

“... Germans...do benefit from the Euro in the short and medium term...”

and what is unsaid (misunderstood) in the short item:

“...Greek public which, according to polls, is massively in favour of retaining the Euro...”

Of course, individual Greeks want cheap Mercedes. The debts tend to land at the banks and the sovereign.

Of course, individual Germans want to keep their jobs making tat,
but Germany won’t get ‘their’ money back in the longer run.

To the individual Greek and German, the costs are externalised in the short term.
And most people are very short-sighted.

Step by step the wall approached the idiots of the eussr as ambrose says, this is a new death of the gold standard moment.

"As the International Monetary Fund warns in its Article IV report, “the euro area crisis has reached a new and critical stage … raising questions about the viability of the monetary union itself. The adverse links between sovereigns, banks, and the real economy are stronger than ever.”

“The interbank system and "monetary transmission channel" are both shattered. It called for a blast of money printing - "pre-announced", across the board, and on a "sizeable" scale - to head off a "debt-deflation spiral" in Club Med."

“Angus Campbell from Capital Spreads said it will take a radical change to the ECB's legal mandate before Mr Draghi can deliver on his words. "Until European politicians can agree to the necessary treaty changes, we could see this rally fizzle out as quickly as it materialised," he said.”

which country will have the guts to be the first that declares bankruptcy?

So much ego and embarrassment, so little realism.

I’ll bet on Spain, who invented the word cojones.

Shhhhh! Of course, slow motion bankruptcy, under the disguise of
‘bail-outs’ and quantitative easing, is already well-established as the favoured disguise
of governments.

Or will you bet on no-one having the courage, and we just wait and wait until someone’s cracks can no longer be disguised, a route much more costly to the populations.

There are only three ways out:

ditch the disgusting euro;

declare bankruptcy;

make the European Bank contract to print as much money as the task requires.

Then there is the option of giving up sovereignty, and still doing no. 3.
Will we continue with Chamberlain in the treasuries of Europe, or will we find a Churchill to tell the truth, and act accordingly?

David Cameron is as sceptical as Nigel Farage regarding the benefits of a future EU, but Cameron has far more ability. However, unlike Farage, he is no little englander. It’s a matter of regaining UK control, while maintaining a ‘free’ market in Europe. If Cameron can get tha,t it will be fine. If he can’t, then the UK will have a referendum. A referendum would probably happen as soon as it becomes clear whether the EUSSR is modernisable or otherwise.

But you need a relevant referendum question, and a settled regime (one way or the other) in Europe. Essentially, Cameron is challenging Brussels to either put its house in order, or lose UK support.

The euro cannot stand in its present structure, anyone who studies the structure knows that. In its present structure, the euro is doomed, it’s just a matter of time. You cannot negotiate a referendum in the midst of that storm. When the storm passes through, visibility will clear and we will be able to see far more clearly what is left besides the floating wreckqge.

Tony Bliar is a mediocrity, and like almost all socialists, he is a serial liar. He and Brown the Clown signed away ever more UK independence to the very limits they could manage. The Labour Party is international socialism - the end justifies the means and we need a world government. Socialism is a nutty religion, much nearer to Islam than to Christianism. It is even much more shallow than Islam. It is wrong to imagine that the Conservative Party is within a million miles of ‘New’ Labour and its bunch of loony chancers. Socialism is a cult religion, it is not a genuine political party.

“ “We have been considering this as a serious possibility, of breaking the link between the sovereigns and the banks,” said Olli Rehn, European commissioner for economic and monetary affairs, after a meeting with French Finance Minister Pierre Moscovici, according to Reuters. The European Commission is the executive arm of the European Union.”